Job description
Job Description and Requirements
We are currently searching for a BSA/AML/OFAC Compliance Analyst to join our BSA Compliance team! This will be a work from home position. All applicants must reside within the State of Texas and have the capability of performing all of the work from their home in Texas.
The BSA/AML/OFAC Compliance Analyst will be responsible for assisting in enforcing and maintaining the Credit Union BSA Compliance Program, as well as perform a wide variety of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Asset Control (OFAC) duties and pro-actively monitor, research, analyze, and escalate all suspicious activity to ensure continuous compliance with the regulatory guidelines and applicable laws. The BSA/AML/OFAC Compliance Analyst will also be responsible for timely filing required reports, as well as compliance with BSA recordkeeping requirements.
Essential Functions and Responsibilities:
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Uses cognitive and analytical abilities to identify money laundering patterns and trends, suspicious activities, and irregular activity through understanding of financial patterns of activity.
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Uses strong written communication ability to create detailed documentation of reviews of suspicious activity, resolution and/or escalation of alerts, as well as any immediate action needed.
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Through strong investigative skills, evaluates and analyzes complex information identified during investigations to make appropriate recommendations that may require additional monitoring and/or Suspicious Activity Report (SAR) filing.
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Provides assistance to the team and other business units throughout the credit union to support, educate, guide, and answer questions relating to BSA/AML, OFAC and Customer Identification Program (CIP).
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Stays abreast of BSA/AML, OFAC, and CIP regulatory updates and change. Complies with regulatory requirements and internal policies and procedures.
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Monitors transactional activity and provides quality control support for the submission of Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTR). Complies with all submission deadlines, as required.
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Reviews and analyzes OFAC alerts to determine potential match and take appropriate action, including prompt escalation to management.
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Triages internal SAIs (Suspicious Activity Incidents) to ensure appropriate information has been captured and establishes a case within the monitoring system, as procedurally required.
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Responsible meeting the regulatory required time frame and frequency for other regulatory filings, including but not limited to 314(a) Information Sharing and 314(b) Information Sharing. Review alerts generated by the database and escalate to management any findings and recommendations.
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Proactively monitors and thoroughly conducts identification and review of High Risk members by monitoring of transactional activity. Creates detailed documentation of the Enhanced Due Diligence (EDD) reviews.
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Collaborates with BSA team members of all levels, including management, to create a comprehensive and accountable compliance environment consistent with regulatory expectations and requirements.
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Reviews and analyzes transactional activity and financial behavior to determine whether a SAR filing is required. Creates detailed documentation of the decision-making elements and process for all cases and investigations regardless of SAR outcome.
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Support BSA Management and the BSA team in special projects that may involve using investigative and analytical skills and decision-making for pro-active issue resolution.
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All other duties as assigned (Note: essential functions and responsibilities may change or new ones may be assigned at any time with or without notice).
Requirements:
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High School Diploma or G.E.D.
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3-5 years of job-related experience.
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Knowledgeable of BSA/AML and OFAC regulatory requirements.
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Ability to pay close attention to detail and desire to strive for accuracy.
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Effectively manage responsibilities independently and in an organized manner in a fast-paced environment.
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Bank Secrecy Act Certified Specialist (BSACS) required within one year.
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Ability to effectively communicate, both verbally and in writing.
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Effectively works with Microsoft Office products and other software.
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Must be able to articulate investigation findings in well written/documented narratives.
All qualified applicants will receive consideration for employment without regard to race, color, sex, sexual orientation, gender identity, religion, national origin, disability, veteran status, or other legally protected status, or other legally protected status.
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